Singapore fintech firm Rate raises $15m to build blockchain network

Jake Goh, CEO and co-founder of Rate / Photo credit: Rate

Singapore-based startup Rate has raised US$15 million in a token sale for its blockchain project Rate3, it revealed today.

The company’s initial coin offering (ICO), which ran from April 16 to May 22, hit its hard cap target of 25,000 ether. Open to the public as well as private investors, the ICO saw participation from Matrix Partners China, Node Capital, and FBG Capital, as well as Fenbushi Capital founder Bo Shen.

Rate3 is a blockchain network which wants to help companies convert their rights to a “real world” physical asset into a digital token on a blockchain.

The Rate3 platform is built on top of blockchain protocols Stellar and Ethereum. With Stellar, transactions take an average of about five seconds. Ethereum allows for the creation of smart contracts, which can store customer’s information and make transactions verifiable and trustworthy, Rate said.

The team at Rate / Photo credit: Rate

Founded in 2016, Rate has other fintech products in its portfolio. Its RateX web app helps shoppers save on cross-border purchases through low currency exchange rates.

RateX netted USD$2.3 million in March this year in a pre-series A round co-led by Alpha JWC Ventures and Insignia Ventures Partners.

Update (August 7, 3:30 pm): Rate told Tech in Asia its business strategy for Rate3 has changed from earlier plans to build a cross border settlements blockchain. The company’s new direction is to convert “real world” assets such as fiat into digital tokens. The company updated its business strategy with a statement dated on August 3, read it here